/C O R R E C T I O N from Source -- Labrador Iron Ore Royalty Corporation/11:02 EDT Monday, May 30, 2011In c8690 transmitted at 11:02e today, an error occurred in the second sentence of the release. The special dividend of $0.50 per share should have read $0.25. Corrected copy follows:LABRADOR IRON ORE ROYALTY CORPORATION - CASH DISTRIBUTION FOR THE SECOND QUARTER OF 2011 - $0.50 PER STAPLED UNIT AND SPECIAL DIVIDEND - $0.25 PER STAPLED UNITTORONTO, May 30, 2011 /CNW/ - The Directors of Labrador Iron Ore Royalty Corporation declared today a regular quarterly cash distribution of $0.50 per Stapled Unit, comprising a $0.234 interest payment on subordinated notes and a $0.266 common share dividend. The Directors also declared a special dividend of $0.25 per common share for a total distribution of $0.75 per Stapled Unit. All amounts are payable to holders of record at the close of business on June 30, 2011 and to be paid on July 25, 2011.For further information: Bruce C. Bone President & Chief Executive Officer (416) 863-7133 E-mail- investor.relations@labradorironore.com

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